SBI Home loans is one of the most preffered Home loan product in the Indian Industry.Recently it was judged as most preffered home loan provider By Awaaz consumer awards in 2007.

For what purpose you can take Sbi Home loan ?

Purchase/ Construction of House/ Flat
Purchase of a plot of land for construction of House
Extension/ repair/ renovation/ alteration of an existing House/ Flat
Purchase of Furnishings and Consumer Durables as a part of the project cost.
Takeover of an existing loan from other Banks/ Housing Finance Companies.

Who all can apply for Sbi Home Loan?

Minimum age 18 years as on the date of sanction and maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.Availability of sufficient, regular and continuous source of income for servicing the loan repayment.

How much loan you can take from SBI Home Loan?

This is calculated differently in terms of your net yearly Income

Less than 2 lacs- Emi can be 40% of your monthly income
2lacs-5 Lacs-Emi can be 50% of your monthly income
Above 5 lacs-Emi can be 55% of your monthly income

How can one enchance his loan amount from Sbi Home Loans?

1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
4. Regular income from all sources

What documents one need to take Sbi home loans ?

Completed application form
Passport size photograph
Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
Proof of business address in respect of businessmen/ industrialists
Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
Copy of approved plan and approval from the Local Body
Statement of Bank Account/ Pass Book for last 6 months.

What are the Interest Rates for Sbi Home Loans?

Floating Interest Rates
Loans Upto 30 Lacs - 10.5% to 11% -This depends on tenor Ie For Loans for 5 years-10.5%,From 5 to 15 yrs 10.75% and above 15% its 11.00%

Loans above 30 Lacs - 10.75% to 11.25% -This depends on tenor Ie For Loans for 5 years-10.75%,From 5 to 15 yrs 11.00% and above 15% its 11.25%.

Last updated-27-06-2008

Processing Fee
0.5% of the loan amount with max to 10000(including Service tax)